Chinese currency hits new high against U.S. dollar;

Chinese currency hits new high against U.S. dollar; official rate at 7.8402 per dollar

By ELAINE KURTENBACH
AP Business Writer


AP Photo/EUGENE HOSHIKO


SHANGHAI, China (AP) -- China's currency rose to a fresh high against the U.S. dollar on Monday, as the central bank set its rate at 7.8402 yuan per dollar, the highest level since the current exchange system was set up in July 2005.

The People's Bank of China, the central bank, did not comment on the abrupt shift in the official parity rate - a weighted average of prices given by market makers, excluding the highest and lowest offers - to well above 7.8500.

But traders said the dollar's slide to a 19-month low against the euro in international markets Friday may have helped trigger the U.S. unit's slip against the yuan....Read more.....

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